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J.Crew posts Q1 loss
NEW YORK— J.Crew Group reported that first-quarter revenues decreased 1% to $409.5 million and comparable company sales (which include same-store sales, direct sales and shipping and handling revenues) were down 3% compared with an increase of 16% for the same period last year.
Store sales decreased 3% to $281.2 million, with comparable-store sales decreasing 6%. Comparable-store sales increased by 15% in the first quarter of fiscal 2010.
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Fewer ads, but more pages per promotion
In keeping with its renewed focus on EDLP, the average number of promotional pieces per market decreased to two in May compared with 2.8 the prior year, but the average number of pages increased to 40 compared with 30, according to the Chicago-based firm Market Track.